Guide provided by Thomas White - I hope it's OK to put it there for further reference

So, I cut the clip off (using scissors, the plastic wasn't very strong)
and carefully unpicked the stitching that created the little loop at
the end of the cord to hold it on. You have to be very careful not to
also cut through the other stitching which joins the two pieces of cord
together at the end.

Then I took an old guitar plectrum and cut a hole in it. If I had a
drill to hand, I would've used that. Because I didn't, I was limited
to doing something nasty involving pliers and other cutting tools.
This left me with something like this:

... which works quite nicely! The cord "knot" makes it quite
comfortable, and of course I always have it with me. I have to turn
the pouch upside-down to have the cord approaching from the right angle
(I'm left-handed), and I also recommend pushing the toggle to the
"pouch end" to avoid having the chunk of plastic in the way.

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Personal tools

A homemade "stylus" that is actually a used guitar pick, attached to the lanyard.

A guitar pick at the end of the cord

Guide provided by Thomas White - I hope it's OK to put it there for further reference

So, I cut the clip off (using scissors, the plastic wasn't very strong)
and carefully unpicked the stitching that created the little loop at
the end of the cord to hold it on. You have to be very careful not to
also cut through the other stitching which joins the two pieces of cord
together at the end.

Then I took an old guitar plectrum and cut a hole in it. If I had a
drill to hand, I would've used that. Because I didn't, I was limited
to doing something nasty involving pliers and other cutting tools.
This left me with something like this:

... which works quite nicely! The cord "knot" makes it quite
comfortable, and of course I always have it with me. I have to turn
the pouch upside-down to have the cord approaching from the right angle
(I'm left-handed), and I also recommend pushing the toggle to the
"pouch end" to avoid having the chunk of plastic in the way.